A mere few weeks after seeing $200 million in Tether tokens transfer between crypto exchange, Bitfinex and Huobi, $70 million more has been moved out today by the Tether Treasury.
A tweet by @whale_alert has shown that the crypto transaction tracker has provided evidence of the reallocation in USDT of 70,000,000 (roughly $69.9 million at press-time).
Although the previous transfer was and to a known destination we now know that this one is to an unidentified wallet.
One Twitter user stated that he believed what many people have said about USDT for some time, that these movements were being used to pump Bitcoin’s price. Although it’s speculation, Tether is one the most traded Bitcoin pairs.
Tether’s USDT stablecoin market capitalization has recently exceeded $37 billion. This further cements its position as the largest stablecoin in the world.
Tether is closely associated with Bitfinex and works across a variety of blockchains including Algorand (Bitcoin Cash’s SLP), Ethereum, EOS Liquid Network Omni, Tron, Tron, Tron, Tron, Omni, EOS, Liquid Network, Omni, and EOS.
Tether has a greater trading volume than Bitcoin, it should be noted. This is because the stablecoin is used more frequently than Bitcoin to move money around.
Tether is the 5th largest cryptocurrency in terms of market capitalization. It has seen a rapid rise in demand from corporate and institutional institutions over the past two months. The token has grown in value by $16 billion year-to-date. This is more than all the other stablecoins combined.
Comparatively, the market capital of this dollar-pegged coin was $20 billion at January 1. It soared to $26 one month later. Tether has achieved roughly half its total market cap in the past three months.
Tether received $550 million from Bitfinex, which is now more than 100 per cent of the $750 million loan they took out two-years ago. This was a significant boost to February’s rally.